When you start out working for yourself, you will no doubt want to try and expand your company as soon as possible. After all, it’ll mean increased revenues and profits! But if you do take on all those extra projects, you may not be able to handle it all on your own. Thinking about hiring your first batch of staff? It certainly is an exciting point to consider. But you need to pause and consider whether it really is the right move for you and your business at this moment in time.
So how do you know if you should go it alone for a little while longer or start posting job adverts right away? At the end of the day, the decision is up to you. But, hopefully, the tips I mention in this blog post can help you make a well-informed decision that suits you and your company.
Can You Afford It?
First things first; you need to consider whether you can afford hiring staff. Whether you want to hire just one part-time assistant or a whole crew of people, it is going to set you back a lot of money. If you do have some potential new projects and work, then you could take them on with more staff. But remember to consider whether the extra money you get from them will cover wages. There might be other things you need to provide for your staff, such as health insurance and sick pay. You also need to take these into account as well.
You will also need to find space for your new employees to work. If you have just been working on your own from home until now, you will need to seriously reconsider your workspace. If you can’t afford to rent out a permanent office and full-time staff, then think about hiring desks in a local co-working space. These communal offices hire out hot desks and whole offices for a set period. This could be a good place to set up your larger business until you figure out whether you can afford a permanent office. The benefits of starting off in a coworking space include not having to wait to sign contracts, and not having to pay utility bills.
Freelance Or Full-Time Staff?
If all of the above sounds quite daunting, you may be better off hiring some freelancers to work with you. Generally speaking, freelancers are a lot cheaper to hire than full-time workers. That is because you are not legally obliged to offer them any employee benefits such as holiday pay and sick pay. There is also the advantage that they don’t have to work in an office with you if they don’t want. You could hire a virtual assistant or some remote freelancers who you can simply work with over the internet. So that can save you on paying for office space. However, if you want your business to grow continually, full-time staff might be the best option. That’s because they will have loyalty to the company, and will want to stick around to watch their hard work pay off.
Whenever anyone new enters the company, you will have train them. This ensures that they are working to your standard. And it also helps them get to know the ropes and exactly how you run your business. This is especially the case if your new staff don’t have any experience working in your industry. But it isn’t just professional training that you new employees will need. You should also let them have time off work to take part in health and safety training courses. This ensures that they are competent around the office and can work without putting their own as well as other’s health and safety at risk.
Sure, new employees can be expensive when you consider their wages and any bonuses that you are obliged to provide for them. But there are also a few ways in which they can help you save a whole load of money. For example, if you hire dedicated staff to work on your finances, you won’t have to outsource your accounts anymore. You may also be able to claim some tax breaks for hiring employees. It is worth noting down how much you expect to save by hiring employees. See if this balances out with the extra you expect to pay for office space and wages.
There will no doubt be some personal benefits for you if you do hire a new team of employees. The most noticeable advantage will be your reduced workload. This will free up a lot of your time and allow you to focus on running the company. You may also be able to spend your extra free time learning new skills or taking up personal hobbies! But most importantly, it can help you find a lot more time to spend with your family and close friends. All this extra time at home can help to reduce the stress and pressure of running a business all on your own!
Find Candidates With Startup Experience
Startups are a big deal in the business world these days. And they are filled with people who are natural go-getters and have a great yearning to better themselves in business. Sounds like the kind of person you should be hiring for your firm, right? You bet! Another benefit of hiring someone with startup experience is that they will have plenty of knowledge of working in a small company. They will be like a duck to water when they arrive in your fairly new company with not many hierarchies in place. You will find that they are a lot more adaptable than employees who come from large companies with a firm structure and hierarchy in place.
Hiring your first few members of staff can be a really exciting time for your business. If it is the right time to do it, that is! Hopefully, this blog post will have helped you figure that out.
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